Settlement Administrator Angeion Group Announces Proposed Settlement In U.S. Dollar LIBOR-Based Instrument Class Action
If You Owned a U.S. Dollar LIBOR-Based Instrument Between August 2007 and May 2010 A Class Action Settlement Totaling $90 Million May Affect Your Legal Rights.
A federal court authorized this notice. This is not a solicitation from a lawyer.
What does the Settlement provide?
The Settlement will create a Settlement Fund totaling $90 million that will be used to pay eligible Class Members who submit valid claims, as well as attorneys’ fees not to exceed one third of the gross settlement, expenses not to exceed $5,500,000, and service awards to the Class Representatives not to exceed $100,000 per Representative. Additionally, MUFG Bank, Norinchukin, and Société Générale will provide certain cooperation to the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.
Am I eligible to receive a payment from the Settlement?
You are included if you (individual or entity) directly purchased certain U.S. Dollar LIBOR-based instruments from Bank of America, Bank of Tokyo-Mitsubishi, Barclays, Citibank, Credit Suisse, Deutsche Bank, HBOS, HSBC, JPMorgan Chase, Lloyds, Norinchukin, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, Société Générale, UBS, and Portigon (or their subsidiaries or affiliates) in the United States; and owned the instruments at any time between August 2007 and May 2010. The instruments in the Settlement Class include certain interest rate swaps, forward rate agreements, asset swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and bonds/floating rate notes.
How do I get a payment from the Settlement?
You can submit a Proof of Claim online or by mail. The deadline to submit a Proof of Claim is December 15, 2023. You do not need to submit a Proof of Claim to share in the Settlement if you previously submitted a valid Proof of Claim in the prior settlements and do not seek to modify or supplement your Proof of Claim. You are entitled to receive a payment if you have a qualifying transaction with any of the following banks: Bank of America, Bank of Tokyo-Mitsubishi, Barclays, Citibank, Credit Suisse, Deutsche Bank, HBOS, HSBC, JPMorgan Chase, Lloyds, Norinchukin, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, Société Générale, UBS, or Portigon (or their subsidiaries or affiliates). You do not need to have transacted with MUFG Bank, Norinchukin, or Société Générale specifically. At this time, it is unknown how much each Class Member who submits a valid claim will receive. Visit www.USDollarLiborSettlement.com for more information on submitting a Proof of Claim.
What are my rights?
If you are a member of the Settlement Class and you do not file a timely claim, you will lose your right to receive money or benefits from the $90 million settlement with MUFG Bank, Norinchukin, and Société Générale unless you submitted a valid claim in a prior settlement in the OTC Action. If you would like to retain your right to file your own lawsuit against MUFG Bank, Norinchukin, or Société Générale, you must opt out of the Settlement Class by September 29, 2023. If you stay in the Settlement Class, you may object to the Settlement by September 29, 2023.
The Court’s hearing.
The Court will hold a hearing on October 17, 2023 to consider whether to approve the Settlement and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement Fund, plus reimbursement of costs and expenses and service payments to the Class Representatives. You or your own lawyer may appear and speak at the hearing at your own expense. More information about the Settlement is available on the Settlement website, www.USDollarLiborSettlement.com, and in the Long Form Notice accessible on that website, or by calling 1-888-619-8688.
This notice is only a summary.
For more information, including the full Notice and Settlement Agreement, visit www.USDollarLiborSettlement.com, email info@MUFGLiborSettlement.com, or call 1-888-619-8688
View source version on businesswire.com: https://www.businesswire.com/news/home/20230728362182/en/
Website: https://www.angeiongroup.com/
Contact
Angeion Group
Susman Godfrey LLP
Seth Ard
212-471-8354
sard@susmangodfrey.com
This news is a press release provided by Angeion Group. Korea Newswire follows these editorial guidelines.